US pension fund buys 12.7% airport stake
18.06.10
California Public Employees' Retirement System (CalPERS), the biggest US public pension fund, announced yesterday that it has paid roughly US$155 million to Global Infrastructure Partners (GIP) for a 12.7% equity stake in Gatwick Airport. It marks the first direct infrastructure investment for CalPERS, a $200 billion pension fund.
Earlier this year GIP sold stakes in Gatwick to the Abu Dhabi Investment Authority, the world's largest sovereign wealth fund, and to South Korea's National Pension Service. It had said it would 'securitise' its investment in Gatwick, whilst retaining a majority stake, when it bought the airport last December. CalPERS said in a statement: ‘We see [Gatwick] as a good fit for our burgeoning infrastructure program.'
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